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objections to be groundless。
Mr Thornton has told us that an unfavourable trade will
account for an unfavourable exchange； but we have already seen
that an unfavourable trade； if such be an accurate term； is
limited in its effects on the exchange。 That limit is probably
four or five per cent。 This will not account for a depreciation
of fifteen or twenty per cent。 Moreover Mr Thornton has told us；
and I entirely agree with him； 〃That it may be laid down as a
general truth； that the commercial exports and imports of a state
naturally proportion themselves in some degree to each other； and
that the balance of trade therefore cannot continue for a very
long time to be either highly favourable or highly unfavourable
to a county。〃 Now the low exchange； so far from being temporary；
existed before Mr Thornton wrote in 1802； and has since been
progressively increasing； and is now from fifteen to twenty per
cent。 against us。 Mr Thornton must therefore； according to his
own principles； attribute it to some more permanent cause than an
unfavourable balance of trade； and will； I doubt not； whatever
his opinion may formerly have been； now agree that it is to be
accounted for only by the depreciation of the circulating medium。
It can； I think； no longer be disputed that bank…notes are at
a discount。 While the price of gold bullion is 4 l。 10s。 per oz。；
or in other words； while any man will consent to give that which
professes to be an obligation to pay nearly an ounce； and a sixth
of an ounce of gold； for an ounce； it cannot be contended that 4
l。 10s。 in notes and 4 l。 10s。 in gold coin are of the same
value。
An ounce of gold is coined into 3 l。 17s。 10 1/2d。； by
possessing that sum therefore I have an ounce of gold； and would
not give 4 l。 10s。 in gold coin； or notes which I could
immediately exchange for 4 l。 10s。； for an ounce of gold。
It is contrary to common sense to suppose that such could be
the market value； unless the price were estimated in a
depreciated medium。
If the price of gold were estimated in silver indeed； the
price might rise to 4 l。； 5 l。； or 10 l。 an ounce； and it would；
of itself； be no proof of the depreciation of paper currency； but
of an alteration in the relative value of gold and silver。 I
have； however； I think proved； that silver is not the standard
measure of value； and therefore not the medium in which the value
of gold is estimated。 But if it were； as an ounce of gold is only
worth in the market 15 1/2 oz。 of silver； and as 15 1/2 ounces of
silver is precisely equal in weight； and is therefore coined into
80 shillings； an ounce of gold ought not to sell for more than 4
l。
Those then who maintain that silver is the measure of value
cannot prove that any demand for gold which may have taken place；
from whatever cause it may have proceeded； can have raised its
price above 4l。 per oz。 All above that price must； on their own
principles； be called a depreciation in the value of bank…notes。
It therefore follows； that if bank…notes be the representative of
silver coin； then an ounce of gold； selling as it now does for 4
l。 10s。 sells for an amount of notes which represent 17 1/2
ounces of silver； whereas in the bullion market it can only be
exchanged for 15 1/2 ounces。 Fifteen ounces and a half of silver
bullion are therefore of equal value with an engagement of the
Bank to pay to bearer seventeen ounces and a half。
The market price of silver is at the present time 5s。 9 1/2d。
per oz。 estimated in bank…notes； the mint price being only 5s。
2d。； consequently the standard silver in 100 l。 is worth more
than 112 l。 in bank…notes。
But bank…notes； it may be said； are the representatives of
our debased silver coin； and not of our standard silver。 This is
not true； because the law which I have already quoted declares
silver to be a legal tender for sums only not exceeding 25 l。
except by weight。 If the Bank insisted on paying the holder of a
bank…note of 1000 l。 in silver coin； they would be bound either
to give him standard silver of full weight； or debased silver of
an equal value； with the exception of 25 l。 which they might pay
him in debased coin。 But the 1000 l。 so consisting of 975 l。 pure
money； and 25 l。 debased； is worth more than 1112 l。 at the
present market value of silver bullion。
It is said that the amount of bank…notes has not increased in
a greater proportion than the augmentation of our trade required；
and therefore cannot be excessive。 This assertion would be
difficult to prove； and if true； no argument but what is delusive
could be founded on it。 In the first place； the daily
improvements which we are making in the art of economizing the
use of circulating medium； by improved methods of banking； would
render the same amount of notes excessive now； which were
necessary for the same state of commerce at a former period。
Secondly； there is a constant competition between the Bank of
England and the country…banks to establish their notes； to the
exclusion of those of their rivals； in every district where the
country banks are established。
As the latter have more than doubled in number within very
few years； is it not probable that their activity may have been
crowned with success； in displacing with their own notes many of
those of the Bank of England？
If this have happened； the same amount of Bank of England
notes would now be excessive； which； with a less extended
commerce； was before barely sufficient to keep our currency on a
level with that of other counties。 No just conclusion can
therefore be drawn from the actual amount of bank…notes in
circulation； though the fact； if examined； would； I have no
doubt； be found to be； that the increase in the amount of
banknotes； and the high price of gold； have usually accompanied
each other。
It is doubted； whether two or three millions of Bank…notes
（the sum which the Bank is supposed to have added to the
circulation； over and above the amount which it will easily
bear；） could have had such effects as are ascribed to them； but
it should be recollected； that the Bank regulate the amount of
the circulation of all the country banks； and it is probable；
that if the Bank increase their issues three millions； they
enable the country banks to add more than three millions to the
general circulation of England。
The money of a particular county is divided amongst its
different provinces by the same rules as the money of the world
is divided amongst the different nations of w